Practice Management

Thomson Reuters released the latest Onesource Indirect Tax report on changes to state and local sales and use tax codes for the first quarter of 2011. According to the report, 83.3 percent of the changes are increases and new taxes and most are at the city and county level. They are likely a response to cut-backs in federal and state funding.

Lee Farkas, former chairman of Taylor, Bean & Whitaker Mortgage Corp., was found guilty of 14 counts of securities, bank and wire fraud and conspiracy to commit fraud for masterminding a scheme that prosecutors said cheated investors and the government out of $3 billion and led to the 2009 collapse of his company and Colonial Bank.

Cloud-based document storage and sharing service SmartVault announced it has officially joined The CloudSolutions Alliance, the CPA-focused group formed in 2010 by Fujitsu and cloud-based sales tax automation service provider SpeedTax, with the goal of educating and gaining further access to firms who would be most interested in their services.

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More than half of senior executives polled indicated that their respective companies have a formal sustainability strategy in place, while another 31 percent said they are either working on a plan or expect to eventually adopt one.

“The Pale King,” the novel about the Internal Revenue Service that author David Foster Wallace was writing before he committed suicide, hit the bookstores on April 15.

Tax and business advisory firm WTP Advisors has entered into nine new affiliations with tax and accounting consultancy firms on four continents.

CPA-focused consulting firm and hosting service Xcentric said Monday it has completed the purchase of technology consultancy InfoTech Partners North America, bringing on board prominent consultant Roman Kepczyk.

The American Institute of CPAs has included the latest guidance from the Financial Accounting Standards Board on accounting for mergers and acquisitions in the newest edition of its book Accounting Trends & Techniques.

The Internal Revenue Service has been doing a better job of detecting and preventing fraudulent refunds this filing season, but programming bugs and inadequate controls are still allowing erroneous claims to get through for various tax credits.